One of the region's biggest employers has been recognised with a Fair Tax Mark.

Pennon Group Plc, a FTSE250 company that employs 5,000 people and has £6.2billion assets has an average £31million tax charge over the past four years.

Its total tax contribution including corporation tax for 2016/17 was £310m and 2017/18 £265m.

The Exeter-based parent company of South West Water, Pennon Water Services and Viridor, has become the first water services and waste management utility to secure the Fair Tax Mark, in recognition of organisations that demonstrate they are paying the right amount of corporation tax in the right place, at the right time.

Pennon joins other FTSE-listed businesses, SSE, Go Ahead and Marshalls, in securing Fair Tax Mark certification – together with well-known national retailers such as Lush, Richer Sounds, Timpson, AMT Coffee and the Co-op.

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Factors contributing to Pennon’s certification include all operations and subsidiaries are subject to tax in the UK, a n accessible tax strategy and detailed notes for any deviations from the expected headline corporation tax rate.

Paul Monaghan, Chief Executive, Fair Tax Mark said: “Some water service providers have attracted criticism in recent years in relation to their tax conduct. Pennon demonstrates how to deliver essential services and make a fair tax contribution."

Susan Davy, Chief Financial Officer, Pennon Group, said: “We are committed to following both the spirit and letter of the law with regards to our tax contributions. We do so because our customers tell us that it is important to them, and because it’s the right thing to do. The taxes we pay help fund vital public services, investment in people and investment in infrastructure to support future growth. The UK would not be the country it is without the tax contributions of business of all sizes, operating in all sectors.

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“We are all too aware that the attitude towards payment of taxes of a few companies has been a factor in a loss of public confidence in big business and we will play our part in winning that trust back.".

It is estimated that €600bn of corporate profits are annually shifted to tax havens, with corporate tax revenue losses globally of €200bn per year - which equates to approximately £7bn of missing revenues in the UK.